Pension contributions provide individuals with a passive income when they retire. At present, tax relief can be claimed on individuals’ contributions at their highest rate of income tax. This means pension contributions remain one of the most popular ways to save for retirement and reduce income tax payments. However, the new government may change […]
We have a new government, elected with a landslide majority, and so we can expect changes as the new broom sweeps away the cobwebs. What is clear is that with a declared intent to tackle problems in the NHS and other areas under their influence, the government will need to raise funds if they are […]
We have set out below reasons that may mean you have paid back more than you owe on your student loan account(s). And how to reclaim the overpayment from the Student Loan Provider. You can ask for a refund if: You have paid more than the total amount you owe. Your annual income was below […]
Savers have recently benefitted from the higher interest rates on cash deposits. Unfortunately, the freezing of tax allowances and personal allowances means that the previous exemption of interest received from income tax charges may create a tax charge as savings interest nudges ahead of tax reliefs. A reminder of the current allowances that impact tax […]
If you are thinking of setting up a business, or if you already operate as a sole trader, you may be considering whether to incorporate your business and if so, when to incorporate. This decision will affect how you run your business and ultimately, what taxes you pay, and when you pay them. Operating as […]
Employers need to report taxable expenses and other benefits that they provide to their employees before the July 2024 filing deadline. They also need to calculate, file, and pay any Class 1A NIC due. See the notes below for more information. What needs to be done? Taxable expenses and benefits need to be filed by […]
2024 has seen the advent of continuing inflation, high energy costs, falling profits, and hard-pressed businesses across multiple sectors calling it a day. And later this year, we will have to deal with the consequences of a possible change in government. Consequently, this is not the time to relax, and expect that the UK economy […]
Directors who run their own limited company will be well versed in the NIC saving strategy of taking their remuneration as a small salary and the majority of their earnings as dividends. What are dividends? Dividends are a distribution of a company’s taxed earnings or profits. The level of dividends paid depends on judgements […]
Recognising that business owners are under pressure during current economic uncertainties, the dates from which Making Tax Digital (MTD) will be implemented for income tax and corporation tax have been deferred. MTD is the Government’s digital tax programme which requires taxpayers to maintain digital records and to send tax information to HMRC quarterly using […]
HM Government has amended how Paternity Leave and Pay can be claimed and taken. The new arrangement will make it more flexible for fathers and partners to access. These changes came into effect for fathers and partners on 6th April 2024. More flexibility These changes allow fathers and partners to take their leave in […]
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